Published: 23 Apr at 10 AM Tags: Euro, Dollar, Pound Sterling, America, UK, Eurozone, Australian Dollar, New Zealand Dollar, Canadian Dollar, Australia, New Zealand, USA, Canada, China, Germany, Japan, South Africa,
GBP/USD â€“ Trading Lower
Ahead of the release of public finance figures for the UK the Pound slid against the US Dollar, brushing its lowest level against the safe-haven currency for two-weeks. Sterling was little changed against the Euro. It is expected that this morningâ€™s report will show that the UKâ€™s budget deficit was narrower in March than it was in the same period of 2012.
USD/JPY â€“ Trading Lower
With a spate of risk aversion bolstering safe-haven currencies the US Dollar was able to advance on several of its higher-risk counterparts. However, the â€˜Greenbackâ€™ dipped against the Yen after less-than-impressive Chinese manufacturing data caused the Asian currency to broadly strengthen. This afternoonâ€™s US Markit PMI report and House Prise Index could result in US Dollar fluctuations.
EUR/USD â€“ Modestly Lower
The Euro edged lower against the US Dollar this morning as investors awaited the release of services and manufacturing PMI data for the Eurozone and Germany
, the currency blocâ€™s largest economy. Eurozone manufacturing PMI is expected to have dropped by 0.1 per cent while services PMI gained by 0.1 per cent. A disappointing outcome could inspire Euro losses.
AUD/USD â€“ Trading Lower
After Chinese Manufacturing PMI dropped from 51.6 to 50.5 the Australian Dollar tumbled against its most traded peers. As China
is one of Australia
â€™s main trading partners, concerns of economic weakness in the former nation knocked the outlook of the latter as well as triggering market-wide risk aversion. Economists had forecast a manufacturing PMI reading of 51.5.
NZD/USD â€“ Trading Lower
The New Zealand Dollar, along with its fellow higher-risk currencies, fell against its safe-haven rivals after Chinese manufacturing PMI failed to live up to expectations. The â€˜Kiwiâ€™ slipped to 83.86 US cents and lost ground against the Yen ahead of the Reserve Bank of New Zealandâ€™s rate announcement, scheduled for 22:00 GMT. Economists have predicted that the RBNZ will hold the benchmark rate at the current 2.5 per cent.
CAD/USD â€“ Trading Higher
After the price of crude oil, a major Canadian export, rose the â€˜Loonieâ€™ gained against several of its main rivals. As well strengthening against the â€˜Greenbackâ€™ the Canadian Dollar climbed against its fellow commodity-driven currency counterparts as industry experts bet that the recent weakness in metals will affect Canada
least. This afternoonâ€™s retail sales data could cause additional â€˜Loonieâ€™ movement.
JPY/USD â€“ Trading Higher
After hovering close to 100 Yen per US Dollar yesterday the Yen strengthened to 98.74 as a Chinese report indicated that the nationâ€™s manufacturing sector is struggling. Concern for Chinaâ€™s economic outlook inspired a spate of risk aversion and as investors flocked to safe haven assets the Yen climbed against its peers.
South African Rand
ZAR/USD â€“ Trading Lower
The Rand continued to weaken during local trade, dropping to its lowest level against the US Dollar for four-weeks after investors lost their appetite for risk following the release of disappointing Chinese manufacturing data. The commodity-driven currency has also been knocked by the fear that the national SA Transport and Allied Workers Union Strike could have a damaging impact on South Africa
â€™s economic growth. South Africaâ€™s producer price index, due for release this morning, could cause Rand fluctuations.
As of Tuesday, 23rd April 2013, the Pound Sterling currency rates mentioned within this news item were as follows:
GBP EUR exchange rate was 1.1719, GBP USD exchange rate was 1.5237, GBP AUD exchange rate was 1.4839, GBP NZD exchange rate was 1.8068, GBP CAD exchange rate was 1.564, GBP CNY exchange rate was 9.415, GBP JPY exchange rate was 151.4602, and GBP ZAR exchange rate was 14.029.